Bitcoin price has dropped (again) – time to buy on the dip? Or cash out and run like hell?

At the time of this writing, Bitcoin is hanging just above $7,000 per BTC.  It’s a tempting buy (especially if you feel Bitcoin will push back up to $8-9k per BTC in the short term).  I am long and optimistic on Bitcoin (I can sense your surprise, LOL).  But I try to be as smart as possible with it.  rather than constantly buy and sell, I buy on the dips and hold.  In the long run, I feel it will go up.  If it hits an insanely high mark, like climbing to $19,000 per BTC, I may be tempted to sell some of my holdings.  It’s not a large part of my net worth, and with such volatility, I think it should not be.  Most investment advisors preach diversification, and if you are 100% Bitcoin, that is a big risk.

 

If you bought bitcoin when it dropped from 19,000USD per BTC, at levels above $10k per BTC, I feel your pain.  Timing any market is usually folly.  Even if you think you are “buying the dip”, no one can predict the actual price levels.  If we could, we all would be millionaires.  Even with almost a 10 year run, many financial experts, like Warren Buffett and Charlie Munger, consider Bitcoin a sham and advise everyone not to invest in it. (links are to articles quoting them on their views).

 

The best advice I can think of is from Jim Cramer, investor/author/money manager.  His suggestion is (and he was referring to stocks, not Bitcoin specifically), was to accumulate your position over time.  Don’t buy it all at once, because the price may go lower, and you don’t want to miss a buying opportunity.  As an example, if you want to buy $1,000 USD worth of bitcoin, buy it in $100 or $200 chunks.  Even if it climbs out of your “buy price zone”, you will still have some of the position in play.

I strongly suggest you fight the urge to BUY BUY BUY! and take your position slowly. As always, get advice from people you trust and financial professionals. Even if you want to cash out of a position you have in Bitcoin, consider doing it in chunks, so you won’t miss out on an uptick in price, even if you have to wait a bit.

My story should not be considered investment advice, just how I take a position in Bitcoin.  Never invest more than you can afford to – Bitcoin is volatile and can go either way!  hopefully, TO THE MOON!

Bitcoin Stickers – For Home, Car, Laptop, more! On Ebay

Consider these books on Bitcoin (from Amazon):
How to Start a Crypto Portfolio – Robert Leshner – Medium – Medium
Should your portfolio include bitcoin? Yes, but just a 2% position, says analyst – Marketwatch
Bitcoin: Mastering Bitcoin For Beginners: How You Can Make Insane Money Investing and Trading in Bitcoin (Bitcoin Mining, Bitcoin trading, Cryptocurrency, Blockchain, Wallet & Business)

Thanks for Reading my Blog on Bitcoin!
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his Starbucks coffee habit. If you enjoyed this blog, please feel free to share .This Blog was Human-generated by the author, and not produced by a Russian blog Engine.   If you really liked it,  send some bitcoin in appreciation to my Bitcoin Address:
15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.
 


AND:  Bitcoin Coffee Mugs! 

Why Bitcoin Matters.

In the US, Bitcoin is a phenomenon that has captured the attention of the population, and raises speculation about the price and “staying power” of the cryptocurrency.  You see, in the US, we have a solid fiat currency – The United States Dollar – and Bitcoin is just an additional asset to acquire.  Especially if it goes up in price.  But US Citizens don’t “NEED” Bitcoin.  it really doesn’t solve a problem for us.  If you have Dollars, that is the coin of the realm, and is graciously accepted throughout America and it’s territories.

Countries with high inflation
When the fiat currency is devalued or worthless in a given country, Bitcoin provides a solution to move money around without inflation issues and fees.  Venezuela, which is mining it’s own altcoin, the “Petro”,  has a high adoption rate for Bitcoin.  Bitcoin solves a problem.

“Women’s Annex has led to a significant increase in female adoption of bitcoin in Afghanistan, which in turn allowed many women to access unprecedented levels of financial autonomy. During a recent Blockchain Summit event, Roya Mahboob recounted the story of one woman whose “husband always hit her and took all [of her] money from her”. After joining Women’s Annex and being introduced to cryptocurrency, the woman was able to save enough bitcoin to “later [sell] them off and [get] a lawyer to get her divorce”, said Mahboob.” – Bitcoin News

In Africa, only 20% of the population have bank accounts, but 60-70% of the population have cellphones.   It is easier to get a bitcoin wallet for your phone, than to open a bank account. Muslim women, who cannot enter a bank without a man to “conduct” transactions for her, can keep a phone with a bitcoin wallet under their Burka, avoiding public judgement on her behavior, and using bitcoin to conduct business.  This is discussed in detail in a Coinbase article.

Bitcoin is an enabling mechanism in countries where the fiat currency is undesirable, or the banks are difficult to do business with, or the culture prevents people from conducting business.  Bitcoin may not be more than a novelty where the fiat currency is strong (Yen, Euros, pounds), but it is a powerful business tool in the developing world.  That, my friends, is why Bitcoin matters!

Best of Luck, and “To the Moon”
Thanks for Reading my Blog on Bitcoin!
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his Starbucks coffee habit. If you enjoyed this blog, please feel free to share .This Blog was Human-generated by the author, and not produced by a Russian blog Engine.   If you really liked it,  send some bitcoin in appreciation to my Bitcoin Address:
15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.
 

 

 

 

 

Stock market making you queasy? Bitcoin is looking good!

From a low of $6,600 on March 30, 2018, Bitcoin is poised to hit around $10,000 if it maintains it’s current momentum.

 Bitcoin and other virtual coins were higher on Tuesday, as financial institutions consider cryptocurrency trading.

For those who are Hodling, this is good news!  Bitcoin was almost $20,000 per BTC last year.  If you think that number is doable (again), then Bitcoin has the capability to double, or more.

While China is rejecting cryptocurrency, Malta, in the EU is Embracing it. 

Blockchain-Friendly Malta Attracts Another Blockchain Company

Meanwhile, here is what is happening in the stock market:

Dow tumbles about 600 points, wipes out April’s gains as stock market stages midday selloff

Related image
Riding the Bitcoin Rollercoaster!
This information is current as of April 24, 2018.  All investments have risk, the author is invested in both Bitcoin and the stock market.  This article is information only and not a recommendation to invest or divest.  Consult your advisors and invoke your preferred deity when making any financial choices, to get the best advice possible for YOUR  situation.
Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his Starbucks coffee habit. If you enjoyed this blog, please feel free to share .This Blog was Human-generated by the author, and not produced by a Russian blog Engine.   If you really liked it,  send some bitcoin in appreciation to my Bitcoin Address:
15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.

Check out my other Blogs:

Here is how you can get Bitcoin for FREE!

In the Bitcoin universe, there are magical websites which award you Bitcoins for playing games and will get you free fractional Bitcoin as you roll and win Bitcoin.

Step One:

You need to set up a Bitcoin wallet.  I use Coinbase, which is well known; you can also use any Bitcoin wallet you have already set up.  Here is the link to Coinbase.  You will need to give the faucet your Bitcoin address so they can send the earned Bitcoin to you.

Step Two:

The way to get Bitcoin from this website is their free Bitcoin “Roll”, which gives you fractional Bitcoin when you actively click on their “Roll Button” on the home page.

Once you have registered and set up your account, make sure you enter the Bitcoin address your winnings go to, and start playing the game!
I use this site personally, and have earned Bitcoin from it.  (I like playing the game, and they pay interest on the Bitcoin you leave in the site).  This site allows you to get bitcoin every hour. The flat rate is currently 35 Satoshi per hour (Note: coupled to BTC/USD exchange rate: Bitcoin goes up, reward goes down, but is always same USD amount), but, if you are lucky (and we assume that the site generates truly random numbers – which I actually do believe) you can get more
They have a good FAQ (frequently asked questions) page, and clearly have an understanding of both Cryptocurrency and gaming.
Bitcoin Faucets are fun, so get out there and grab a few Satoshi’s for yourself!

Thanks for reading and TO THE MOON!

                                               Bitcoin ART, Posters, Paintings, more! 

All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his Starbucks coffee habit. If you enjoyed this blog, please feel free to share .This Blog was Human-generated by the author, and not produced by a Russian blog Engine.   If you really liked it,  send some bitcoin in appreciation to my Bitcoin Address:
15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.


Worried about Bitcoin? George Soros is getting into it….

George Soros, a noted currency trader who called Bitcoin a “bubble” in January – is going to be trading cryptocurrencies!  This is according to an article in Bloomberg, which has been getting a lot of play in the internet!  Read it here:

Image result for george soros

“Soros has already been indirectly betting on crypto. The firm amassed a stake in Overstock.com in the fourth quarter, making it the third-biggest shareholder of the discount e-commerce company. In August 2017 it became the first major retailer to accept digital currencies. The company had also planned to start an exchange for cryptocurrencies as well as offer digital coins that could trade on the platform. – Bloomberg Article

Soros is a major Player in the Forex/currency markets, and his venture into Bitcoin shows that an old dog can learn new tricks!  Mr. Soros is a shrewd investor and I suspect he sees a way to make some serious money off Cryptocurrency and businesses utilizing Cryptocurrency.  

The Founder of Overstock, Patrick M Byrne,  has been outspoken about Bitcoin, Here is one of his talks:   

Patrick M. Byrne on “Why Cryptocurrencies matter”

At this time I don’t own any Overstock.com stock, but I am going to keep an eye on it and consider investing if it dips.

Mr. Soro’s entry into bitcoin is a welcome sign to this Bitcoin fancier, and I expect his investments will be a worthy foray into the cryptocurrency market.  With Bitcoin entering it’s second decade of growth and volatility, this is an exciting time to play in the cryptocurrency sandbox, or just watch from the sidelines!  Best of Luck to you, George Soros and Patrick M. Byrne!

Thank you for reading my blog, and feel free to share!  Best of luck with Bitcoin and all your investments! 
If you enjoyed this blog, please feel free to share! 

All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his starbucks coffee habit. If you enjoyed this blog, please feel free to share .Disclaimer: These comments are offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS (Bitcoin Shops), some Bitcoin and Litecoin, and the other assets if I mentioned I was in invested.  
Check out my other Blogs:

Nervous about Bitcoin trending down?

If you are long on Bitcoin, Hodling vs. trading, then buying at the current prices (hovering around 7k USD per BTC), is smart.

bitcoins-millionaire-full-guide

I have some cash, and definitely long on Bitcoin, so I will be buying more.  Not all at once, in case it drops more. I want free cash available to buy more.

There is some fear that regulation is coming, and Google and Facebook are restricting Cryptocurrency ads, but Bitcoin is still viable and useful as a peer to peer trading mechanism.

In the US, we have a strong Fiat currency, the dollar.  (perhaps you have heard of it?).  Bitcoin shines when the Fiat, or local, currency is not strong, and fees and bank charges are large.  Think Venezuela, Argentina, South Korea.  Bitcoin activity in these countries is large, and growing.  Those governments can just print more fiat currency (which makes for rampant inflation) making Bitcoin a viable option for payments and moving money around.  (This happened in India, where their fiat currency was briefly worthless).

How Money Got Free: Bitcoin and the Fight for the Future of Finance

There is also a finite limit to the number of Bitcoins in circulation; 21 Million.  No government or “Bitcoin regulator” can just create more – like the governments do with paper currencies – it is fixed and will allow the price to rise once all 21 million are created through Bitcoin mining.

This means that 80 percent of all bitcoins that will be in existence have already been mined. According to estimates, bitcoin will reach its final coin figure sometime in 2140.Jan 15, 2018

Only 20 Percent Of Total Bitcoins Remain To Be Mined | Investopedia

https://www.investopedia.com/news/only-20-percent-total-bitcoins-remain-be-mined/
As I see it, there is a lot of activity in Bitcoin going  on, and volatility, mining, facebook bans, etc., will all have an effect – but not kill off Bitcoin.  You can see the current stats on how many times Bitcoin has been declared “Dead” on 99bitcoins.  (spoiler alert – 273 times as of this writing)

Hodl on, and (if you feel like I do) Go long on Bitcoin!
To the Moon!

Thank you for reading my blog, and feel free to share!  Best of luck with Bitcoin and all your investments! 
If you enjoyed this blog, please feel free to share! 


Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS (Bitcoin Shops). I also own some Bitcoin and Litecoin, and the other assets mentioned.

Check out my other Blogs:

Have you heard of The Bitcoin Misery Index?

The “Bitcoin misery index” created by Wall Street strategist Thomas Lee indicates this is a good time to buy bitcoin, according to CNBC
Lee has not changed his midyear price target of $20,000 and his end year price target of $25,000 for bitcoin. CNN
Bitcoin News from a typical Google Search
Lee, co-founder of Fundstrat Global Advisors, told CNBC’s “Fast Money” Friday that when the bitcoin misery index falls below 27, bitcoin sees its best 12-month performance. Such a signal comes about every year, the strategist said. – CNN
“The bitcoin misery index is meant to be a contrarian indicator. When the misery index is low, investors should buy, and vice versa. The index takes into account factors such as the number of winning trades out of the total and volatility.” – CNBC
All I can say is that Bitcoin is still the wild west of investing, with Warren Buffett Saying it is a Bubble and “most likely “heading for a bad ending”,  and JP Morgan’s Jamie Dimon attacking and then rescinding his opinion on bitcoin.
Regardless of the passionate comments made by all parties when Bitcoin is mentioned, we can be sure that volatility and controversy will carry the day, as the market indices are created, compared, publicised, and mulled over.

Best of Luck, and “To the Moon”
Thanks for Reading my Blog on Bitcoin!
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his starbucks coffee habit. If you enjoyed this blog, please feel free to share .
If you need a Bitcoin wallet, try Coinbase.


(send one to Mr. Buffett as a gift)

Has Google given us an amazing Bitcoin buying opportunity?

Google announced they are going to Ban Bitcoin ads.
While HODL’ers are crying in their beer, I am seeing a huge buying opportunity!

Google Bans Bitcoin Advertisements in Policy Change

When asked how I do it, my plan was both simple and works for me.  Everybody has a different situation.  Motley Fool has an article on “stocks to buy during a market crash“.  I imagine some people put cash  under their mattress.  Here is what I do;:

First, DON’T PANIC.  Panic makes you buy high and sell low.  Ask your friends who invest, take a shot of whiskey, don’t be “quick on the trigger”. THE MARKETS ARE CYCLICAL.  Ups and downs are expected, and can be profitable.  Wait a day or two and see what happens when the smoke clears.

Cryptocurrency 2018: Mining, Investing and Trading in Blockchain, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Dogecoin, Emercoin, Putincoin, Auroracoin and others (Fintech) [3rd Edition]
Bitcoin is a relative newcomer to the market.  As it’s popularity grows, large swings in valuation are happening.  This is normal.  It will take years for the Bitcoin price to stabilize.  Let me share my opinion on this; unless you need the cash, don’t sell (especially if you bought high).  If you are truly afraid, liquidate your position slowly, to take advantage of any uptick in price.  There may be a “Dead Cat Bounce“.


If you have some cash handy, consider buying more bitcoin – The herd is driving the price down, and I believe savvy investors are quietly buying more.  This may even be a ploy by Google insiders, who may be quietly buying bitcoin as the price tumbles.  (disclaimer: I have no knowledge of this, it is purely speculation).

Early Bird Gets The Bitcoin: The Ultimate Guide To Everything About Bitcoin
Take a deep breath!   If all you own are stocks and the market crashes, you can see a market drop eroding a large percentage of your assets in days.  Same goes for Bitcoin – If you are not diversified, consider selling some bitcoin and put it into the stock market, which is doing pretty good right now.  
So now you know what I am thinking.  It’s not “All Bitcoin, all the time!” It’s about being smart with your own pile of assets and investments and money that you need to make “bigger”.  Pulling some profit out of the market, and buying Bitcoin is part of a strategy to get into cryptocurrency, and it is a wild ride, as it goes up and down with regularity!  So don’t “bet the farm”, spread your money around (stock market, bitcoin, collectible things, gold, etc.) and hopefully, over time, you will watch it grow into a nice nest egg.  Remember, it does take time – investing is not like a winning instant lottery ticket – it’s like a winding road, with ups and downs.

Your financial journey should be more than money.  Money can buy things that make you happy.  I own an antique slot machine.  It was not cheap, but my “one-armed bandit” is fun and anyone that visits can’t resist putting some change in it.  It is also worth more than what I paid for it, and my heirs will either sell it or keep it, based on what they like.  Or I can sell it or “trade up” based on my feelings about this machine.  It’s picture is below.  I enjoy showing it off, and feel like I own a casino!  (I am also thinking of some way it can pay out in Bitcoin; still working on that).
Now you have seen my real strategy – Take some stock market profit off the table, and diversify with Bitcoin and collectibles. Also run this by your financial advisor – don’t just take my word for it; like I said, this works for me – you need to find what will work for you!  

Thank you for reading my blog, and feel free to share!  Best of luck with Bitcoin and all your investments! 
If you enjoyed this blog, please feel free to share! 

Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS (Bitcoin Shops). I also own some Bitcoin and Litecoin, and the other assets mentioned.

Check out my other Blogs:

What are the incentives for modern governments with fiats to adopt Bitcoin, aka cryptocurrency?

It’s all about:

CONTROL.


A government controls its currency and will not be able to control/dominate Bitcoin (unless it mines its own coin, as the currency of the realm).


Bitcoin purchases and transfers are “peer to peer” transactions. Using the Blockchain (the Bitcoin ledger system) no central clearinghouse is required to regulate any transaction; it occurs between two parties. The Blockchain is a transparent ledger that just records the transaction (in very simple terms). Individuals keep their Bitcoin in “Wallets” on smartphones or computers, or on specific websites that deal in currency transfers (like BTC to USD).

Governments regulate volume of money, interest rates, fee structures, and monitor it’s value against other fiat currencies. Financial transactions outside of government control (with no fees going to the monetary “gatekeepers”) are a nightmare for financial ministers everywhere.

In my opinion, Bitcoin is one component of the financial mechanism any government needs to work effectively. I am not convinced that cash (or precious metals) are going away anytime soon, but governments fear that losing their money-printing ability will weaken them considerably.

Banks and some governmental entities are scrambling to utilize blockchain technology, while publicly denouncing or denying Bitcoin as a monetary vehicle. Most notable among the nay-sayers was Jamie Dimon, of JP Morgan Chase.
Image result for jamie dimon
Dimon himself has publicly said he sees potential in blockchain tech, and his company just announced this month the launch of a blockchain-based pilot to “significantly reduce” the number of entities needed to verify global payments, which would cut down transaction settlement times.

Countries with High inflation and unstable Fiat currency (Argentina, Venezuela, as examples) have seen Bitcoin transactions flourish as there are low or no fees, and Bitcoin valuation is more stable than the Fiat Currency.
Cryptocurrency Primer: Everything You Need to Know About Cryptocurrencies and How They Are Different from Regular (Fiat) Money (With Mining Guides for Bitcoin, Ethereum, Litecoin and ZCash)

Bitcoin and the blockchain are new entrants in the carnival of Financial Instruments, and (despite the nay-sayers) will be around for a while.
Thanks for reading my article! – Feel free to share!

Originally published by Alan Chenkin on LinkedIn.
(Disclaimer – I own Bitcoins, and cash – US Dollars).

ll rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his crypto habit. If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:

15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn

If you need a Bitcoin wallet, try Coinbase.


How can a currency become worthless?

Most currencies are Fiat Money, not backed by a commodity (like Gold and Silver) but backed by the government that printed it.
Fiat money is a currency without intrinsic value established as money, often by government regulation. It has an assigned value only because the government uses its power to enforce the value of a fiat currency or because the exchanging parties agree to its value.
It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metalsuch as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity). Representative money is similar to fiat money, but it represents a claim on a commodity (which can be redeemed to a greater or lesser extent). From Wikipedia

If the government behind the Fiat currency becomes insolvent, or acquires extensive debt, their currency may be devalued (relative to other Fiat currencies), their ability to borrow money will be affected (lenders will demand higher interest rates because of the risk), and prices will climb as the currency loses value. At present, Venezuela, Argentina, Zimbabwe, and other countries are suffering due to the inflation they are experiencing. 

Some related websites:
What would you do if your money became worthless? – Prosperous Way Down website
A worthless currency – The Economist (Article on Zimbabwe)
The Greek Crisis Explained – (Infographic) – from Gainesville coins
Many people invest in Gold and Silver as a “Hedge” against devaluation. This can be done with collectable coins and jewelry, or bullion. 
Bitcoin to the Rescue
When fiat currency is failing, the citizenry need a mechanism to trade and move money out of the country without fees and taxes; Bitcoin is an obvious choice.  As a “peer to peer” unit of value,  Bitcoin has minimal fees and a global reach.  It is an ideal mechanism to prop up people when their monetary system is in a shambles, and the value of the local fiat currency drops.
 
In Venezuela, Zimbabwe, China, and other countries, Bitcoin is the method of choice for doing business without government oversight, transfer fees, and excessive taxation.  Even in countries with stable currency, Bitcoin is a welcome addition to the mix of fiat currency, gold, and silver, for acquiring wealth and conducting business transactions.
Here’s hoping your value is strong!
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his crypto habit. If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:

 

15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
 

If you need a Bitcoin wallet, try Coinbase.

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